Answer:
An economic system where the factors of production are privately owned ⇒ Capitalism.
Economic system characterized by a central authority which makes major economic decisions ⇒ Command economy.
This is an economic system proposed by Karl Marx in which all means of production are owned by the proletariat, but are controlled by the government when practiced by countries such as the Soviet Union and China. ⇒ Communism.
French term which means "allow to do", the philosophy that government should stay out of the market ⇒ Laissez-faire.
This is an economic system where the government controls the major means of production but property and other businesses may be privately owned. ⇒ Socialism.
This is a free enterprise system with some government involvement. ⇒ Mixed economy.
This is a market where a few large suppliers control the supply of a product. ⇒ Oligopoly.
The conversion of state owned property to private ownership ⇒ Privatization.
